ECC: Banca Popolare di Sondrio becomes new General Clearing Member
European Commodity Clearing (ECC) has welcomed Banca Popolare di Sondrio, Sondrio (Italy), as a new General Clearing Member (GCM). As a GCM, the bank is now authorised to provide clearing services for all Non-Clearing Members of ECC as well as for all products and markets cleared by ECC. Initially, Banca Popolare di Sondrio will offer clearing services for natural gas spot and power products.
"We are pleased to welcome Banca Popolare di Sondrio as new Clearing Member”, says Dr. Thomas Siegl, Chief Risk Officer of ECC. “Thanks to their strong presence in Italy, this further increases choice, especially for our growing Italian customer base. Currently, ECC clears almost 50 percent of the power volumes that are traded on the Italian market.”
“With the admission to ECC, we enhance the range of services offered to our Corporate customers operating in the European market of energy trades. Our goal is to offer first class services to traders, supporting them in their market activities”, explains Mario Erba Deputy General Manager at Banca Popolare di Sondrio scpa.
Currently, 22 clearing banks are admitted at ECC. Of these, 20 banks hold a GCM License and two banks are admitted as Direct Clearing Members (DCMs). Unlike GCMs, DCMs are authorised to assume clearing of its own trading transactions as well as those on behalf of associated trading participants and the firm’s clients.
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Gaspoint Nordic, Powernext and Power Exchange Central Europe, or registered for clearing on these ex-changes. Furthermore, ECC will start clearing services for the Norwegian NOREXECO soon.